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The economists Harry Dexter White (left) and John Maynard Keynes (right) at the Bretton Woods Conference in New Hampshire [27]. The WTO precursor, General Agreement on Tariffs and Trade (GATT), was established by a multilateral treaty of 23 countries in 1947 after the end of World War II, in the wake of other new multilateral institutions dedicated to international economic cooperation—such ...
One of the most significant changes was the creation of the World Trade Organization (WTO). The 76 existing GATT members and the European Communities became the founding members of the WTO on 1 January 1995. The other 51 GATT members rejoined the WTO in the following two years (the last being Congo in 1997). Since the founding of the WTO, 33 ...
The GATT was the only multilateral instrument governing international trade from 1946 until the WTO was established on 1 January 1995. [9] Despite attempts in the mid-1950s and 1960s to create some form of institutional mechanism for international trade, the GATT continued to operate for almost half a century as a semi-institutionalized multilateral treaty regime on a provisional basis. [10]
The General Agreement on Trade in Services (GATS) is a treaty of the World Trade Organization (WTO) which entered into force in January 1995 as a result of the Uruguay Round negotiations. The treaty was created to extend the multilateral trading system to service sector , in the same way the General Agreement on Tariffs and Trade (GATT ...
In a similar vein, the WTO would be well-positioned to reframe the trade system’s approach to contested subsidies, such as the incentives for clean energy found in the U.S. Inflation Reduction Act.
WTO officials hope the first part of the agreement will gain the approval of two-thirds of the WTO's 164 members and come into effect in Abu Dhabi. So far, over half have signed up. E-COMMERCE
Doha Round talks are overseen by the Trade Negotiations Committee (TNC), whose chair is the WTO’s director-general, currently Ngozi Okonjo-Iweala.The negotiations are being held in five working groups and in other existing bodies of the WTO.
"The WTO is a public good ultimately, and our view is that there is a major cost to the real economy from any erosion of that system," he said. (This story has been corrected to fix pronoun to ...